Macquarie Capital has agreed to sell Dovel Technologies to Guidehouse, a portfolio company of Veritas Capital. No financial terms were disclosed. Macquarie Capital acted as financial advisor to Dovel. Houlihan Lokey also acted as financial advisor. Dovel is a provider of technologies to federal agencies.
NEW YORK–(BUSINESS WIRE)–Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group, today announced that it has reached a definitive agreement to sell Dovel Technologies (“Dovel”) to Guidehouse, a portfolio company of Veritas Capital. Dovel is a leading expert to federal agencies that blends deep domain expertise and advanced technologies in the health IT, life sciences, public safety and grants management markets.
Macquarie acquired a majority stake in Dovel in 2019 and established a plan to further grow and scale the company. Under Macquarie Capital’s ownership, Dovel continued its rapid organic growth, acquired Ace Info Solutions, broadened its executive management team and workforce and has been cited as a top growth company in numerous rankings as well as a top workplace. The transaction is subject to regulatory approvals and customary closing conditions and is expected to occur in the fourth quarter of 2021.
“Dovel is an established leader in its core focus areas of health IT, life sciences, public safety and grants management and we are pleased to have found an outstanding partner in Guidehouse that is a strategic fit and shares our commitment to Dovel’s mission,” said Larry Handen, Senior Managing Director in Principal Finance, the principal investing arm of Macquarie Capital’s Advisory and Capital Solutions division. “We’re thrilled that Dovel extended its tremendous growth trajectory while working with Macquarie Capital and that it is well positioned for continued success,” added Jared Doskow, Managing Director at Principal Finance.
Dovel will add deep subject matter expertise in advanced data analytics, artificial intelligence and machine learning, digital modernization and technology infrastructure optimization to Guidehouse’s complementary service offerings, particularly in the Health, National Security and Energy and Sustainability & Infrastructure sectors.
“The acquisition of Dovel is the next strategic step in our journey to create the next generation global consultancy,” said Scott McIntyre, Chief Executive Officer of Guidehouse. “Dovel is an exceptionally strong solutions provider with significant expertise in technology and advanced analytics, addressing some of the most complex challenges their clients face in the health, human services and public safety markets.”
Damon Griggs, Chief Executive Officer of Dovel, said, “We are excited by the opportunity to join the Guidehouse platform given our complementary capabilities and strategically correlated missions to improve, protect, and save lives. Together, Dovel and Guidehouse will create a powerful, technology-driven organization, characterized by deep industry expertise and leading technical know-how. Our companies are aligned with similar cultures and strong core values.”
In addition to its ownership interest, Macquarie Capital acted as financial advisor to Dovel. Houlihan Lokey also acted as financial advisor.
About Macquarie Capital
Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. Our capabilities encompass corporate advisory and a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s own balance sheet. These offerings are reinforced through our deep sector expertise in: aerospace, defense and government services, consumer, gaming and leisure, financial institutions, healthcare, industrials, infrastructure and energy, real estate, resources, services, technology and telecommunications and media sectors. Macquarie Capital Principal Finance, the principal investing arm of Macquarie Capital Advisory and Capital Solutions, provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe and Australasia. For further information visit macquarie.com/au/en/about/company/macquarie-capital/advisory-and-capital-solutions.html.
About Dovel Technologies
Dovel Technologies (“Dovel”) is a trusted government partner that blends deep domain expertise with advanced technologies to help our customers solve complex problems that improve, protect, and save lives. As a rapidly growing company, the company combines entrepreneurial spirit, customer focus, and an outcomes-based approach to support agency missions in health IT, life sciences, public safety, and grants management. To learn more, visit www.doveltech.com.